Global property adviser JLL has acquired German retail real estate asset management business Acrest.
Global property adviser JLL has acquired German retail real estate asset management business Acrest.
The acquisition was finalised following approval from Germany’s competition authority, Kartellamt.
JLL said the deal was 'a further example of its strategy of supporting organic growth with carefully selected strategic business acquisitions'.
Acrest manages more than €5.1 bn of assets on behalf of its clients, comprising more than 900 properties totalling more than 5 million m2 of leasable retail space. The company is based in Berlin and employs 160 people.
'This acquisition will expand JLL’s retail services to include a highly professional and well-established asset management capability. We will be able to offer unique breadth and depth of retail advice and services to our clients across Germany, complementing our comprehensive broader service offer. Acrest is a young and dynamic company with a compelling growth story,' said Frank Pörschke, CEO of JLL Germany.
Robert Bonwell, CEO of EMEA Retail at JLL, added: 'Clients in Germany have been asking us for a high quality asset management capability to fit alongside our retail real estate services offer. Acrest provides the ideal solution to this growing demand.'
Acrest’s joint shareholders, Stefan Zimmermann and Matthias Schmitz, will lead the new JLL Retail Asset Management group in Germany, reporting to Jörg Ritter.
